Trump’s oil and gas portfolio has surged this year, congressional report finds, while the broader energy sector has led the S&P 500 President Donald Trump can’t stop touting the fortunes U.S. energy companies have made during the Iran war, while canvassing the country to support Republican candidates ahead of next week’s midterm elections. U.S. energy companies have so far posted earnings that have more than doubled from a year ago, according to data provided by Seaport Research, as global oil prices have climbed more than 85% this year. Energy stocks hitting record highs have also played a role in keeping the bull market in stocks going.
Trump, himself, has financially benefitted from his holding of energy stocks, according to a report released Monday by the U.S. Congress Joint Economic Committee, an economic think tank made up of members from Congress. Trump’s personal wealth from oil and gas stocks increased by as much as $35.8 million so far this year, according to the report.
It also said that brings his net holdings in the sector to as much as $81.6 million, so his oil and gas wealth has nearly doubled since the end of 2025. Don’t Short Yourself offers weekly money tips to help you earn it, stack it and grow it. I would like to receive updates and special offers from Dow Jones and affiliates.
I can unsubscribe at any time. White House spokesman Davis Ingle said the president’s stock and bond portfolio is “independently managed by third-party financial institutions.” All investment decisions are “made entirely by independent managers. There are no conflicts of interest,” he told MarketWatch.
Yet while increased energy prices have helped boost the stock market to a series of record highs this year, “not everyone is feeling the impact of rising equity valuations,” said Kenneth Kim, senior economist at KPMG. Lower-income families often don’t own stocks or have a 401(k). Those families have been feeling the “direct brunt of higher energy prices eating into their paychecks,” Kim told MarketWatch.
That’s why affordability remains “a key issue for the upcoming elections,” said Kim. Year to date as of Tuesday, the S&P 500 has climbed nearly 13%, while the S&P 500 Energy index has gained about 52%, after settling at an all-time high Monday, based on data going back to December 1994, according to Dow Jones Market Data. The energy index is on pace for its best year since 2022.
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